_Money_ is at the root of control of cyberspace. If states control the banks issuing the currency, states will control cyberspace. If the banks/issuers of coins are beyond the reach of statist governments, cyberspace will remain free. Crytpo of course will allow the banks to issue coins, but if they have to follow statist laws, crypto won't really help them all that much -- I don't know many bank execs willing to face down the US Government with nothing to back them up but ~unbreakable codes. What would it take to start an anonymous, private, secure, etc. etc. bank issuing e-cash, located in a country without taxes/etc.? I assume a tax haven like the Cayman Islands or a small third world country somewhere would have plenty of nice tax-shelter banks interested in such a venture. Of course, it would be quite illegal to transfer money to such a bank, but once it's there, wouldn't coins be perfectly legitimate currency? The bank could even make money by issuing coins for $US held in vaults, $US invested in different mutual-fund type things or other currencies, and perhaps even coins backed only by the bank's profits (sounds like stock). A cypherpunk? me?, Ryan <ryan@pobox.com>